We don't like store cards

Store cards are certainly not a new phenomenon. They have had much press coverage over the last few months highlighting how bad they really are for you. But what amazes me is how many are still in circulation and charging such extortionate APR rates for credit.

The highest on the market is Comet's Timeshare card. It charges a rate of 31.9%. Second in line is from Creation Cards at 30.9%. They are the name behind fashion store cards from Selfridges, Miss Selfridge, Warehouse, Erst Jones, Ann Harvey (plus many more) and shops like Millets, Carphone Warehouse and H Samuel. Kwik Fit and Russell & Bromley both pay rates of 30.7%.

How can these rates be justified, when John Lewis pays a standard rate of 13.0%?